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JP Morgan extends US dollar clearing to Japan; makes tech upgrades

26 August 2009  |  2328 views  |  0 Source: JP Morgan

JP Morgan today announced that it has enhanced its US Dollar Clearing - Asia Direct solution to further assist clients seeking the fastest and most efficient means of making U.S. dollar payments to banks in Asia.

As part of the enhancements, clients now have direct access to a larger number of banks as the solution's coverage has been expanded to members of Japan's Tokyo Dollar Clearing system. In addition, J.P. Morgan has invested in an intelligent routing technology which streamlines processing and speeds settlement by enabling the fastest channel for delivery.

J.P. Morgan's U.S. Dollar Clearing - Asia Direct is the first and only payment solution to provide direct access to multiple regional and in-country U.S. dollar clearing systems in China, Hong Kong, Japan and Taiwan from a single U.S. dollar account. Clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements and decreased time spent on reconciliation activities.

"Clients are able to capitalize on the significant growth in payment flows to and across Asia with U.S. Dollar Clearing - Asia Direct," said Abdul Roaf Latiff, Asia Head of Treasury Services Clearing and Foreign Exchange, J.P. Morgan Treasury Services. "By expediting their payments, our clients also are positioned to improve their relationships with customers, counterparties and suppliers, and thus negotiate better terms."

"As the largest U.S. dollar clearing bank in the world, J.P. Morgan continues to bring expertise, innovation and value to clients conducting business in the Asia Pacific," said Greg Murray, Product Executive, U.S. Dollar Clearing, J.P. Morgan Treasury Services. "As J.P. Morgan pioneered and has served as the sole operator of the Tokyo Dollar Clearing system for the past twenty years, the expansion of our U.S. Dollar Clearing - Asia Direct solution to Japan is a natural extension of our leadership position."

Coverage Extended to Japan
J.P. Morgan has direct access to U.S. dollar settlement systems around the world, having integrated its infrastructure with many independent in-country ann-country and regional offshore clearing capabilities across major financial centers. J.P. Morgan's U.S. Dollar Clearing - Asia Direct solution initially provided clients with direct access to banks in China, Hong Kong and Taiwan that are members of Hong Kong's Clearing House Automated Transfer System (CHATS). By adding direct access to Japan's Tokyo Dollar Clearing system, clients benefit from expedited clearing capabilities in one of the world's most vital business hubs. J.P. Morgan has been the sole operator of Japan's Tokyo Dollar Clearing System since establishing it in 1986. J.P. Morgan also plans on expanding its U.S. Dollar Clearing - Asia Direct solution to additional in-country clearing systems in Asia within the coming years.

Technology Investment
Since launching U.S. Dollar Clearing - Asia Direct, J.P. Morgan has continued to invest in the solution's technology, resulting in enhanced service efficiency and more streamlined transaction processing for clients making payments to or within Asia. For example, the solution's payment prequalification process has been automated whereby customers no longer have to take advance steps to ensure that a bank is a qualified member of the local clearing systems. The solution's new intelligent routing technology determines the quickest channel for delivering payments, resulting is accelerated settlement and more efficient liquidity management. Without Asia Direct, clearing U.S. dollar payments to Asia can take a minimum of two days, costing businesses valuable opportunities to maximize their liquidity. No additional software or features are required to take advantage of these capabilities.

The enhancements to U.S. Dollar Clearing - Asia Direct are part of J.P. Morgan Treasury Services' ongoing investment in systems, innovation and services designed to benefit its clients around the world.

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